| Court: | CBDT |
| Head Notes: | The Hon’ble Supreme Court has held that the extended reassessment notices issued under the old law shall be deemed to be the show cause notices issued under clause (b) of section 148A of the new law and has directed Assessing Officers to follow the procedure with respect to such notices. It has also held that all the defences available to assessees under section 149 of the new law and whatever rights are available to the Assessing Officer under the new law shall continue to be available. Hon’ble Supreme Court has passed this order in exercise of its power under Article 142 of the Constitution of India. The implementation of the judgment of Hon’ble Supreme Court is required to be done in a uniform manner. Accordingly, in exercise of its power under section 119 of the Act, the CBDT has directed that the following may be taken into consideration while implementing the judgement. |
| Law: | Income-Tax Act |
| Section(s): | Sections 147,148,149,150 and151 of the Income Tax Act, 1961. Article 142 of the Constitution |
| Counsel(s): | CBDT |
| Dowload Pdf File | Click here to download the file in pdf format |
| Uploaded By | CA Milind Wadhwani DISA(ICAI), FAFD(ICAI), Research (Ph.D.) Scholar Mobile +91 9826273333 Mail ID: - MILIND.WADHWANI20@GMAIL.COM |
| Date of upload: | May 11, 2022 |
The SC is clear that assessee has to take the route of department for notices issued.The assessee were advised earlier as if the court route would be panacea and assessee issue would close at court level.
Further they were not emphasised that old section 148 would be more beneficial as quality of reasons recorded were mostly vague.
Since the advisors are again talking of Court battle for second innings.the assessee who had gone to writ now cant go back and feels that at threshhold matter be settled.
The same is unlikely as PROVIDED FURTHER in first proviso to sec 149 is matter of time as SC has paved the way for amendment .Otherwise invoking ARTICLE 142 and that too without any concrete result could never have been the intention.
All old cases Like K M SHARMA,S S Gadgil,ONGC etc ARTICLE 142 was not the thing.
The tide will turn the moment it will be emphasised that even after ARTICLE 142 the invalidity of notices are played sighting old cases.
The saga of sending materials and informations and collecting informations will have multidimensional effect as again in a year SC shall be hearing the matter and now deptt can emphasise the quantum .
The matter is not as simple as covered by old case laws.